The Namibian government plans to launch the Namibia Trade Policy to calibrate economic sector competitiveness.
This was announced by President Nangolo Mbumba when he opened the Namibia-China High-Level Business Forum, held on the margins of the 9th Forum of China-Africa Cooperation (FOCAC) Summit in Beijing.
President Mbumba informed the business industry leaders that Namibia's economic potential is vast, owing to its unique blend of political stability, a conducive business environment, and rich natural resources.
He says the Namibia Trade Policy would serve as a cornerstone of the country's strategic growth and industrial development.
Another objective is for Namibia to establish new industries that would serve as magnets for investments, capital, technology, and skilled personnel.
Key sectors of priority include mineral beneficiation, oil and gas, renewable energy, tourism, and agro-processing.
"We require strategic partners from the People's Republic of China with requisite technology, skills, know-how, and capital to work with us to transform the Namibian economy from primary production towards a fully industrialised, knowledge-based, tech-advanced, high-value-added economy. There is no reason why you should not choose Namibia; the largest Chinese investment is in Namibia, represented by CGN, also known as Swakop Uranium, and China Uranium Group of CNNC. Both these and others make Namibia the 3rd largest producer of uranium, which is beneficial to the growth of our two countries," said Dr. Mbumba.
The President further emphasised that the continued investments by the Chinese companies in Namibia show great investor confidence.
China's mining company, Sinomine Resources Group, recently invested by acquiring a major stake in a copper smelting facility in Tsumeb, while Tintai Gold is in the process of finalising the investment transaction to acquire the Twin Hill Gold Mine project.
Dr. Mbumba says Namibia too scaled up infrastructure development, including the construction of a new container terminal at Walvis Bay Port and roads, for the effective processing of cargo.
"We are close to completing the HKIA Road to Walvis Bay Port to allow more cargo to and from Namibia, linking our neighbouring landlocked countries such as Zimbabwe, Zambia, and Botswana to global markets."
Swakop Uranium Namibia has outlined plans to expand its investment portfolio in the country.
Its Chief Executive Officer, Qiu Bin, said the investments range from multimillion-dollar semi-industrial plants to upskilling of Namibians.
China accounts for about 30% of the total foreign direct investment in Namibia, and bilateral trade reached N$1 billion in 2023.